A Comparative Institutional Analysis of the Responses to the Global Financial Crisis: The United Kingdom and the United States

点击翻译按钮获取中文摘要

By comparing the response of countries, including the United Kingdom and the United States, to the 2007.2008 global financial crisis, this research examined how political systems impacted regulatory reforms in financial markets and what the implications for financial governance were. Both in a country characterized by the separation of powers (e.g. the United States) and in a country characterized by the centralization of power (e.g. the United Kingdom) regulatory reforms made progress after the financial crisis due to public pressure. Nevertheless, in the system characterized by the separation of powers, the restructuring of financial regulators has been rather difficult. In the global context of financial regulatory and supervisory integration across borders, the consolidation of financial regulatory powers at a national level has become important in order to shape the global financial architecture according to the principles of mutual recognition. Though one could assert that the United Kingdom has acted relatively quickly to take part in and lead this new trend, the assessment of the financial regulatory and supervisory structure should still depend on exactly how the regulatory structure is built and how reforms are implemented.